Trade Idea : USD/JPY – Hold long entered at 113.85

Trade Idea : USD/JPY – Hold long entered at 113.85

Trade Idea : USD/JPY – Hold long entered at 113.85

USD/JPY – 113.90
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 113.84
Kijun-Sen level : 113.99
Ichimoku cloud top : 114.19
Ichimoku cloud bottom : 113.96
Original strategy :
Bought at 113.85, Target: 114.85, Stop: 113.65
Position : – Long at 113.85
Target : – 114.85
Stop : – 113.65
New strategy :
Hold long entered at 113.85, Target: 114.85, Stop: 113.65
Position : – Long at 113.85
Target : – 114.85
Stop : – 113.65
As the greenback met resistance at 114.34 yesterday and slipped again, suggesting caution on our long position entered at 113.85 but as long as 113.65-70 holds, prospect of another rebound remains, above said resistance at 114.34 would signal the retreat from 114.74 has ended, bring retest of this level, break there would confirm recent upmove from 107.32 low has resumed and extend gain to 115.00 but price should falter well below another previous resistance at 115.51.
In view of this, we are holding on to our long position entered at 113.85. Only below support at 113.54 would abort and prolong consolidation, risk weakness to 113.20-25, however, reckon support at 112.96 would remain intact, bring another rise later.

Author: Action ForexMore from the author

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Original Article